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Posted Date : 16-Apr-2015 , 07:08:09 am | Posted By CASANSAAR
The income-tax department, which stumbled upon a few cases of illegal share sales involving high premium payments by companies, has initiated an investigation and drawn up a massive list of private companies since 2005. Senior I-T officials told dna that the department would soon question compa...
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Posted Date : 15-Apr-2015 , 11:42:16 pm | Posted By CASANSAAR
Moving ahead with its strategy of 'naming and shaming' large tax defaulters, the Income Tax department today came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government. Some of the big defaulters of income tax/corporate tax in the list are: Hyderabad-based Totem I...
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Posted Date : 15-Apr-2015 , 07:26:15 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors (FIIs) as they lost acase against levy of tax on capital gains they made. "FIIs went to a tribunal, which is c...
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Posted Date : 06-Apr-2015 , 07:50:35 am | Posted By CASANSAAR
In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to cough up an estimated US $5-6 billion for 'untaxed gains' made by them in the domestic markets over the past years by income tax department. The number of affected investors can rise substantiall...
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Posted Date : 01-Apr-2015 , 04:26:18 pm | Posted By CASANSAAR
CBI today arrested Jodhpur's Chief Commissioner of Income Tax PK Sharma on bribery charges after Rs 15 lakh were allegedly received by a local jeweller on his behalf. CBI had last night detained Income Tax Officer Shailendra Bhandari in connection with the case, agency so...
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Posted Date : 31-Mar-2015 , 09:02:40 pm | Posted By CASANSAAR
With the curtains coming down on the current fiscal, the Income Tax department on Tuesday for the first time issued newspaper notices on 18 tax defaulters -- 11 of them Gujarat-based -- who collectively owe over Rs.500 crore to the exchequer. The defaulters' names were put up on t...
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Posted Date : 27-Mar-2015 , 08:12:21 am | Posted By CASANSAAR
Taxpayers will soon get relief from sending a paper acknowledgement of their e-filed return as Income Tax department is set to introduce a new customer verification system for the task by sending One Time Passwords, validating net banking identity and enrolling Aadhaar number in the returns form. ...
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Posted Date : 26-Mar-2015 , 05:23:37 pm | Posted By CASANSAAR
The Revenue Department has made public the names of 18 tax defaulters who collectively owe over Rs 500 crore to the exchequer. Out of the 18 defaulters, 11 are Gujarat-based, including Somani Cement with tax arrears of Rs 27.47 crore; Blue Information Technology (Rs 75.11 cr); Appletech Solutio...
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Posted Date : 24-Mar-2015 , 09:26:09 pm | Posted By CASANSAAR
The Income Tax department has issued over 20 lakh “intimations” and collected Rs. 3,569 crore in the current financial year from those taxpayers who had either not filed their tax returns or did so incorrectly. Under its ‘non-filers tracking management system’,...
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Posted Date : 24-Mar-2015 , 07:52:48 am | Posted By CASANSAAR
The Finance Ministry has operationalised an ambitious electronic national database of judicial orders and appeals to de-congest and streamline huge litigation in the Income Tax Department and the Central Board of Direct Taxes (CBDT). The much-talked about repository called the National Judicial R...
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Posted Date : 17-Mar-2015 , 08:35:01 am | Posted By CASANSAAR
The finance ministry on Monday announced rules for multinational companies to seek the benefit of “no-audit-agreements” they sign with the tax department for four prior years as well. Central Board of Direct Taxes (CBDT) has amended income tax rules to allow a four year ro...
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Posted Date : 17-Mar-2015 , 08:28:39 am | Posted By CASANSAAR
The Delhi High Court has laid down principles governing taxation of advertising and marketing spends by multinational firms, a ruling that could bring significant relief to these companies facing thousands of crores in income tax demands and potentially make doing business in India easier. ...
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Posted Date : 14-Mar-2015 , 08:41:21 am | Posted By CASANSAAR
The Bombay high court refused any relief to a hospital run by Yash Society, a charitable trust of the Birla group, that was seeking income tax exemption on the grounds that it was running a philanthropic institution. A division bench of Justice M S Sanklecha and Justice G S Kulkarni questioned th...
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Posted Date : 13-Mar-2015 , 08:31:40 am | Posted By CASANSAAR
Even after the government clarified that multinational companies in India do not have to pay retrospective tax, sword is still hanging on more than 500 MNCs whose underlying assets are in India. The income tax department is doing reassessment of all retrospective tax cases that a...
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Posted Date : 11-Mar-2015 , 08:03:08 am | Posted By CASANSAAR
Income Tax Department has slapped a Rs 10,247 crore (USD 1.6 billion) tax demand on Cairn Energy Plc, which termed the action as “very disappointing” and said it would contest the order. The tax demand relates to an alleged Rs 24,500 crore worth capital gains it made in 2006 while t...
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Posted Date : 04-Mar-2015 , 08:16:04 am | Posted By CASANSAAR
The minimum alternate tax (MAT) is likely to become irrelevant with the removal of exemptions from direct taxesthat corporates currently avail, according to Anita Kapur, chairperson, Central Board of Direct Taxes (CBDT). Her statement came during an interaction with reporters here on Tuesday. ...
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Posted Date : 03-Mar-2015 , 09:06:14 pm | Posted By CASANSAAR
Hon'ble Finance Minister has proposed to amend Section 288 of the income tax Act to provide that an auditor who is not eligible to be appointed as an auditor under Section 141(3) of Companies Act, 2013 shall not be eligible for carrying out any audit or furnishing of any report/certificate under any...
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Posted Date : 01-Mar-2015 , 08:51:20 pm | Posted By CASANSAAR
Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium. Premium: Rs.330 per a...
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Posted Date : 01-Mar-2015 , 08:50:17 pm | Posted By CASANSAAR
Eligibility: Available to people in age group 18 to 70 years with bank account. Premium: Rs.12 per annum. Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available. Risk Coverage:  ...
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Posted Date : 28-Feb-2015 , 01:43:37 pm | Posted By CASANSAAR
The Finance Minister, Shri Arun Jaitley has said that adequate provision has been made for the schemes for the poor and disadvantaged in the Budget of 2015-16. Delivering his Budget Speech in the Parliament today, the Finance Minister said that an amount of Rs. 68,968 crore has been allocated to the...
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Posted Date : 26-Feb-2015 , 09:55:14 pm | Posted By CASANSAAR
The centre and Supreme Court are taking progressive measures to reduce the tax litigation in India but it may not be such an easy task. As per an analysis of the annual report of ministry of finance for the fiscal year 2013 - 14 the quantum of money stuck in tax appeals ...
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Posted Date : 26-Feb-2015 , 08:02:47 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ii. creation of two posts of Vice-Chairmen ...
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Posted Date : 25-Feb-2015 , 08:41:04 am | Posted By CASANSAAR
After more than seven-and-a-half years of Central Board of Direct Taxes’ (CBDT) circular, which sought to differentiate cash market earnings as business income and capital gains, there is still no clarity on the subject. The circular, issued in June 2007, had said that purchase and sa...
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Posted Date : 21-Feb-2015 , 10:23:58 pm | Posted By CASANSAAR
A cross platform messaging app, Whatsapp messenger, which allows user to send messages, now added the latest feature of voice calling. To get this feature, Android users need to update to the latest version and then find out a friend who already has the feature. After this, your friend, who has who ...
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Posted Date : 17-Feb-2015 , 10:01:04 pm | Posted By CASANSAAR
Tightening noose around the illegal entry operators, the Finance Ministry has detected routing of about Rs 250 croreblack money through fake entries via non-existent business entities. The modus operandi of providing 'accommodation entries by entry operators' was found by Central Eco...
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Posted Date : 17-Feb-2015 , 08:16:43 am | Posted By CASANSAAR
Income Tax department is likely to file a case against HSBC bank, Geneva, for allegedly “abetting” tax evasion in India by way of unauthorisedly operating accounts of its citizens in its overseas branch. The department has come under fire after International Consortium of Invest...
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Posted Date : 14-Feb-2015 , 08:56:10 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has clarified on the scope of disallowance on payments made to non-residents on which tax ought to have been withheld. It has now issued a clarificatory circular, which will help bring certainty in the law so as to avoid potential litigation, say tax...
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Posted Date : 13-Feb-2015 , 08:16:08 am | Posted By CASANSAAR
In yet another step to simplify tax procedures, CBDT has constituted a committee to redraft existing guidelines for undertaking write-off procedures in irrecoverable tax demand cases. The five-member committee will be headed by a Chief Commissioner of Income Taxand has been asked...
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Posted Date : 13-Feb-2015 , 07:52:47 am | Posted By CASANSAAR
Shift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion; During 2014-15 (upto Dec, 2014) the ITD Has Conducted Searches in 414 Groups, Seized Undisclosed Assets of Rs. 582 Crore; Undisclosed Income of Rs. 6769 C...
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Posted Date : 12-Feb-2015 , 08:09:29 am | Posted By CASANSAAR
The income tax department has served a notice on the Aam Aadmi Party (AAP), seeking an explanation about the charges of receiving funds from dubious sources as alleged by a splinter group of the party. A similar notice has also been served on the Congress party...
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